I was just on a conference call with one of America's top [paid] fund managers. He believes there's still more shoes to drop in the financial sector. He didn't say how much he has calculated in capital shortfall, but pointed out the IMF's $2.2 trillion as a good guess, which means we're only halfway there (around $1.1 trillion so far).
He also said some European banks are even more leveraged than American banks, and many emerging markets are just now having their shoes drop.
FUN times ahead!
* I should note he also pointed out Nouriel Roubini estimated $3.6 trillion. What a depressing dude.
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